Show from 03/20/26

Host Jeremy Schwartz is joined by Sam Rines and Chris Gannatti to break down the broader market and macro landscape. Sam analyzes the geopolitical situation involving Iran, energy markets, and global responses, noting potential de-escalation and limited long-term economic damage. Chris dives into major themes from NVIDIA’s GTC event, including the rise of AI agents, token-based productivity, and the accelerating shift toward physical AI such as robotics and autonomous systems. The group also explores the evolving labor market, AI’s impact on hiring and productivity, and the concept of a “strategic reserve of compute,” where chip scarcity and geopolitical risks could make existing AI infrastructure increasingly valuable. (33:51) Jeremy is joined by Professor Siegel and Kevin Flanagan. They discuss the latest market developments, including rising oil prices driven by escalating tensions in the Middle East, volatility around the S&P 500’s key technical levels, and the recent selloff in gold and commodities. Professor Siegel highlights the Fed’s updated projections, including a notable increase in long-term GDP growth expectations driven by productivity and AI, while emphasizing that geopolitical risks—particularly oil shocks—are currently the dominant force driving markets. He explains that while inflation pressures from tariffs and energy remain a concern, housing data is softening and AI continues to act as a long-term disinflationary force.

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